Oil prices rose on Friday as investors weighed the risk of a renewed escalation in military conflicts between the United States and Iran after the mid-term elections, while also paying attention to the possibility of diplomatic breakthroughs.

Brent crude oil futures rose 1.67% to $99.90 per barrel; US West Texas Intermediate (WTI) crude oil futures increased by 1.43% to $91.69 per barrel.

Amid this rise, investors are assessing whether the conclusion of the U.S. mid-term elections could pave the way for renewed actions against Iran, which could threaten oil supplies in the Middle East region.

Rapidan Energy Group Founder and President Bob McNally stated in the CNBC program “Squawk Box Asia” that he believes the probability of a resumption of military conflicts is 80%, and predicted that both major crude oil benchmark prices could rise above $100 per barrel.

However, after Reuters quoted a senior Iranian official as saying that Iran had submitted its nuclear proposal to Washington through Qatar, hopes for a diplomatic solution also began to emerge.

Iran claims that on Thursday, three oil tankers were attacked again in the Strait of Hormuz; data from the UK Maritime Trade Operations Office ( UKMTO ) indicates that attacks on vessels continue at a rate close to a record.

McNally said, 'President Trump, out of considerations for legacy, is determined to stop Iran from obtaining nuclear weapons at any cost and to force it to abandon its nuclear capabilities.'

"The Iranian regime, however, is not willing to do so. As long as this core disagreement within the framework of this agreement persists, the risk of escalation will continue," he added.

The views of McNally have also been echoed by other analysts, including Lombard Odier, the chief economist, Samy Chaar, and Luca Bindelli, the head of investment strategy.

Lim Hui Jie of CNBC has contributed to this report.